【出版时间及名称】：2009年12月泰国地产行业研究报告
        【作者】：BNP百富勤
        【文件格式】：PDF
        【页数】：40
        【目录或简介】：

Contents
1) Big picture for Thai property ..................................................................................................................................................... 3
7-10% industry growth expected in 2010-12E..................................................................................................................... 3
Lack of price appreciation factors....................................................................................................................................... 4
Condominiums will continue to outperform......................................................................................................................... 4
Leading developers will grow at above the average............................................................................................................ 5
2) Product strategies converging.................................................................................................................................................. 6
Core focus stays but not enough for above-average growth............................................................................................... 6
What are the medium-term product strategies? .................................................................................................................. 6
Growth profile ranking ........................................................................................................................................................ 8
3) Stock picks – focus on return to shareholders, not just growth........................................................................................... 10
PS and LPN provide the best returns............................................................................................................................... 10
PS: Strong growth and high returns ................................................................................................................................. 12
LPN: High returns, consistent growth, high yield............................................................................................................... 14
AP: Not so high returns but responds quickly to where the demand is ............................................................................. 15
QH: Just a HOLD ............................................................................................................................................................. 16
LH: Valuation gap should be closed................................................................................................................................. 17
4) PS and QH have clear short-term catalysts ............................................................................................................................ 18
Decent macro picture but tax incentive expiry will cap 2010 earnings growth................................................................... 18
QH and PS see clear short-term catalysts ........................................................................................................................ 19
5) Company updates .................................................................................................................................................................... 24